Eighteen months ago, it seemed as if the US capital markets had entered a new era, the principal characteristic of which was a shortage of treasury debt. The arrival of the Bush government earlier this year had already thrown into some doubt the continued existence of the surplus that had been created, but the picture has been completely changed by the events of September 11. The US government appears set for a vast expansion of public spending, and this will have important and comprehensive repercussions for dollar-denominated debt markets.
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